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What if you just had two separate sources earning you $250 paychecks ($500 total) each month with no doing additional work. And those sources just paid for your car expense.
Have I beaten this concept to death at this point Good. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is what Real Estate Investors call Cashflow.
Again, I understood that I DID NOT want to become wealthy when I was 65 when it cost me my life during my younger years... I would rather have a healthy amount of money coming in each month from several sources and retire early. Or at least do WHATEVER I wanted after the army without having to consider the paycheck coming out of my new hobby, job, or even occupation as part of this equation.
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Both terms"residual income" and"passive income" attempt to capture the identical concept of,"making money automatically." For the sake of brevity, I will only be using both terms interchangeably.
After hearing the words"passive income,", many of us immediately begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You quickly snap back into it, take a sip of your Monster Energy drink, and try to remain alert while on your 24-hour duty in the barracks. .
An asset is something which puts money in your pocket every month. It is a lifestyle and prosperity multiplier.
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A liability is something that takes money away from you each month. It may be a temporary lifestyle enhancer, however a long-term lifestyle and prosperity killer.
Teach yourself to the point which you can find and purchase American Real Estate that you rents in a higher price that all its expenses and there is still a significant amount left over. The residual money is that flow of income or cash flow.  Finally, when we start looking at such income streams collectively, it becomes see known as"residual income" .
Ironically, setting up your own Real Estate Investing Business is NOT simple... however, with the correct education, Real Estate Investing does NOT have to be difficult. However, you have to learn and act.
Now, if you all of the above makes sense, a funny thing will begin happening. When you begin talking to people about finances you will soon begin to understand there are two different kinds of people in this world: those that understand the difference between an asset and a liability, and the ones that will NEVER be wealthy. .
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Each of those entities are money making systems. They create income while costing quite minimal personal effort or time. Even if one of these ended up costing me a million dollars each month but made two million dollars a month, it is an asset.
Honestly, who cares how much You're spending on an advantage every month when it earns you more than what you spend Now let us take it one step further... what should the spending was automatic and so was the earning
If there was a machine that spit out two dollar bills after you gave it a single dollar bill, you'd be glued to this machine all day! In addition, you wouldn't care whether that machine charged you 50% interest on your dollar prior to generating one of the two bucks it spit out. .
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Because passive income inherently means I do not have to spend the most expensive thing in life, time, in order to earn a certain amount of residual income.
Since some people that hear the word get disappointed when they realize there is a great deal of education and some significant setup required on the front end of the journey to financial freedom (our"Why"). Again, this isn't a get rich quick scheme, but it's a hell of a lot better than what I was taught by some of my army and veteran mentors. .
As members of the military, we often think it would be very hard, or perhaps even impossible, for us to find time to earn extra income. So far as our professional priorities, our army support should be in the very top. So how can we ensure that we are setting our new real estate investing business up for massive success How can we make sure it doesn't produce more stress than enjoyment.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and focus all of our savings towards producing assets... a.k.a. rental properties.